NEW YORK—With March being Women’s History Month, Yahoo Finance said it has conducted an analysis of the payments habits of women and men, and pointed to a key event in history that opened the door to credit for women.
“In personal finance, pioneers, legislation and particular events have been pivotal in making strides toward leveling the financial playing field for women today,” Yahoo Finance said. “And although credit cards are a modern product, they can represent a lot of the changes that women have experienced over the past few decades, from financial access to credit use.”
In 1974, the Equal Credit Opportunity Act (ECOA) prohibited discrimination against credit applicants based on gender, among other factors.
“For the first time, women could own a credit card in their own name,” Yahoo Finance noted.
What the Data Show
The news outlet also shared the following statistics that outline the differences in how men and women use credit:
- Today, according to Experian data, U.S. women have more open credit card accounts (4.5) compared to U.S. men (3.6)
- According to Experian data, U.S. men have a higher credit card balance ($6,357) compared to U.S. women ($6,232), on average
- The average credit score for U.S. women is 704 compared to 705 for U.S. men, according to Experian
Other Behavior Differences
“Some research shows women tend to use debt to bridge income gaps or in times of need, while men are more likely to use debt to fund luxury purchases,” Yahoo Finance said.
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